Todays Times Online about Poland

In the Foreign Editor's Briefing, President Kwasniewski signed into law a plan to extend miners’ rights to retire early on a pension after 25 years’ work. It also freezes reform of pensions in some other sectors. How does Polish economy can influence on the EU?
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Poland lands big chopper order from Iraq

Poland has agreed to overhaul 24 aging Soviet military helicopters sold to Iraq, Middle East Newsline reported Thursday.

Polish defense ministry officials said its technicians would overhaul the 30-year-old Mi-17-1 utility helicopters for the Iraq air force.

In addition, Iraq also ordered 10 new Mi-17V-5 transport helicopters. The new helicopters, worth about $60 million, have a capacity of 36 passengers and are expected to be delivered next month

(Source: UPI)

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India's Lupin, Torrent among bidders for 47.5 pct of Poland's Jelfa

Lupin Laboratories Ltd and Torrent Pharmaceuticals have put in separate bids for the Polish government's 47.5 pct stake in drug major Jelfa Pharmaceutical, Business Standard reported.

The two Indian companies are among six bidders eyeing the Polish government's stake in Jelfa, it said, adding that the bidding process is expected to be completed next month.

Jelfa is one of the largest pharmaceutical firms in Poland and manufactures hormonal and cardiological drugs and multivitamin preparations.

Kamal Sharma, Lupin managing director, confirmed the company's bid for Jelfa.

'We have submitted our expression of interest for the bid. Lupin is open to inorganic growths via acquisitions,' Sharma told Business Standard.

Latvian drug producers Grindex and Sanitas, and Polfa Kutno, a Poland-based drug manufacturer, are among the other bidders for Jelfa, the report said.

AFX News Limited)

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Zimmer to expand polyamide plant in Poland

Zimmer AG, Frankfurt/Main has been awarded a contract by Zaklady Azotowe w Tarnowie-Moscicach S.A. to upgrade a polyamide 6 polymerization and recovery plant at Tarnow.

ZimmerAG is the part of the GEA group AG with the headquarter in Bochum.
The company will upgrade a polyamide plant in Poland to increase the plant's annual production capacity to 45,000 tonnes from 23,000 tonnes.

The polyamide chips produced at the plant, which is scheduled to go on line in the fourth quarter of 2006, will be processed to make engineering plastics and film products.

(Source: Forbes, Webbolt Business News)

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Poland revises GDP growth forecast downward to 3.7 percent

The Polish economy ministry has revised downward to 3.7 pct its forecast for gross domestic product growth this year from an earlier forecast of 5 pct.

'Given the current economic situation, we believe that growth will be less rapid than previously forecast, at around 3.7 pct,' the ministry said in a report.

The GDP growth rate listed in the 2005 budget was 5 pct, while last year, GDP grew 7 pct.

(Source: AFX)

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Central European Distribution Corporation Completes 15th Strategic Distribution Acquisition; Raises 2005 and 2006 Guidance

Central European Distribution Corporation (Nasdaq: CEDC) today announced that it has acquired
100% of the shares of Imperial Sp. z o.o., an alcohol distributor in northeast
Poland, for a purchase price of approximately $2.19 million, of which 79% will
be paid in cash and 21% will be paid in shares of common stock of CEDC. CEDC
has received anti-monopoly approval for the transaction. The shares of CEDC
common stock that will be issued as part of the purchase price are subject to
a one-year lock-up period.
William Carey, President and CEO of CEDC, said, "We are pleased with this
acquisition as it increases our distribution coverage in the northeast of
Poland where Polmos Bialystok S.A. is located. Imperial Sp. z o.o. has been
in the alcohol distribution business for over 10 years and brings a strong
management team and sales force to our group, as well as a client base of
over 1,000. Imperial Sp. z o.o. had 2004 annual net sales of approximately
$20 million."
Mr. Carey continued: "As a result of this acquisition, we are raising our
2005 full year net sales guidance from $700-$720 million to $705-$725 million
and full year fully diluted earnings per share guidance from $1.56-$1.66 to
$1.57-$1.67. With the acquisition of Imperial Sp. z o.o., we have acquired
distribution companies in 2005 with approximately $55 million in annualized
net sales. We are anticipating acquiring additional distribution companies
with annualized net sales of $25-$45 million during the remainder of 2005. We
are also raising 2006 full year net sales guidance from $875-$900 million to
$895-$920 million and full year fully diluted earnings per share guidance from
$1.90-$2.10 to $1.92-$2.12."
CEDC is the leading distributor by volume and a leading importer by value
of alcoholic beverages in Poland. Following the planned acquisitions of
Bols Sp. z o.o. and Polmos Bialystok S.A., CEDC will become one of the largest
vodka producers in Poland. CEDC operates 14 distribution centers and 86
satellite branches throughout Poland. It distributes many of the world's
leading brands in Poland, including brands such as Johnnie Walker Scotch,
Stock Brandy, Sutter Home, Torres, Mondavi and Concha y Toro wines, Corona,
Foster's, Grolsch, Budweiser Budvar and Guinness Stout beers.

(SOURCE Central European Distribution Corporation)

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MAN AG's new truck plant to be partially funded by Polish govt

The Polish government has signed an agreement to invest 12.9 mln eur into MAN AG's planned plant near Krakow, Poland in 2006-2008, Polish Economy Minister Jacek Piechota was quoted as saying by Polish news agency PAP.

MAN announced earlier this month it will invest 90-100 mln eur to build the plant, which will make 15,000 trucks per year.

The truck maker expects the first vehicle to be rolled off the assembly line by mid 2007.

(Source: AFX)

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Ukraine to Build Oil Refinery, Pipeline to Poland

The Ukrainian Cabinet of Ministers has instructed the Fuel and Energy Ministry to draft and submit for consideration business plans for construction of a high-tech oil refinery and completion of construction of the Odessa-Brody oil pipeline to Plock (Poland) by December 2005.

This is said in the plan for additional measures to fulfil the Cabinet of Ministers "Towards People" programme in the second half of 2005, which was approved by cabinet resolution No 733 dated 10 August. The text of the resolution was posted on the government's web site today.

The document says that the building of an oil refinery and of the Brody-Plock section of the oil pipeline will make possible the effective use of the Odessa-Brody oil pipeline by using its capabilities to the maximum extent. This will also help diversify sources to provide Ukraine with oil and petroleum products.

In early August the European Commission awarded a contract to complete technical, economic and legal feasibility studies for continuing the construction of the Odessa-Brody oil pipeline to the Polish city of Plock to a consortium which consists of three European companies: SWECO PIC (Finland), ILF GmbH (Germany) and KANTOR (Greece).

(Source: BBC Monitoring Former Soviet Union)

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Poland on VoIP: "interesting"; France on VoIP: "so what"

On the U.K.-based VoIP User Forum, site administrator dean has been compiling some interesting stats about the frequency of VoIP-to-European -numberPSTN phone calls placed from various European countries. These numbers do not count VoIP to VoIP calls, Vonage calls, or Skype calls. But they do encompass almost every other major provider.

Dean's taken these numbers, overlayed them with the population for each call-originating nation, and then computed each nation's percentage of all the world's VoIP related traffic. To add perspective, he's indicated this percentage in a chart along with the population of each nation listed.

From the numbers below, it looks like the UK, Poland, Austria and Switzerland are doing very well relative to their population, but that VoIP has a way to go to catch on in France, Italy, Spain, Germany and Russia.


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Royal Greenland buys two factories in Poland

The biggest Danish seafood producer's advance is expected to benefit Polish employees with about 350 new job openings. Those jobs will not be removed from Royal Greenland factories in Denmark or Greenland.

(Source: The Copenhagen Post)

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Warsaw Leads Emerging European Markets To Showcase At Cityscape 2005

Warsaw will make a high profile appearance at Cityscape 2005, the Middle East’s Premier International Property Investment and Development Event, due to take place in Dubai this September. Warsaw

Pundits will get the chance to view some of the most exciting property investment opportunities in the rapidly developing market of Warsaw, Poland - where steady economic recovery, could offer shrewd investors a sound return of investment.

In May 2004, The Czech Republic, Hungary, Poland, Estonia, Lithuania, Latvia, Slovenia and Slovakia, joined the European Union (EU) and as a consequence have opened the gates to Foreign Direct Investment, economic growth, competition and jobs. With massive EU funding certain high profile infrastructure projects are already underway, as the east begins to redevelop the neglected Soviet building programmes of the 1960s and ‘70s.

In addition, it is estimated that around a third of the total population of the ‘Eastern Eight’ will need to be re-housed in the next 20 years alone as cheap communist housing crumbles and new buildings take their place.

Poland leads the way in terms of economic growth and reintegration into the European urban matrix. Warsaw is the scene of many impressive developments at the moment including a shopping centre, a 25,000 square metre office, service and hotel building and one of the largest multi-use developments currently under construction in Europe.

Business, shopping and entertainment will all be found under one roof at Zlote Tarasy where 45,000 square metres of office space and 63,500 square metres of retail space will be topped with an eight-screen cinema and 1,664 parking spaces. It is located in a catchment area of 900,000 people living within a 15-minute drive. The 225,000 square metre project in the centre of Warsaw is scheduled for completion by spring 2006.

“Local and regional investors looking for new and emerging markets with attractive rates of return will be impressed by the portfolios on offer at Cityscape,” said Franck Dailles, Project Director, Cityscape.

The Middle East’s premier international property investment and development event, Cityscape 2005 takes place from September 17-20 at the Dubai International Exhibition Centre.

(Source: www.menareport.com)

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